A secured transaction is created when a buyer or borrower (debtor) grants a seller or lender (creditor or secured party) a security interest in personal property (collateral). A security interest allows a creditor to repossess and sell the collateral if a debtor fails to pay a secured debt.
A secured transaction involves a sale on credit or lending money where a creditor is unwilling to accept the promise of a debtor to pay an obligation without some sort of collateral. The creditor (the secured party) requires the debtor to secure the obligation with collateral so that if the debtor does not pay as promised, the creditor can take the collateral, sell it, and apply the proceeds against the unpaid obligation of the debtor. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. Personal property is basically anything that is not real property.
King Washington Notice of Default under Security Agreement in Purchase of Mobile Home
Category:
State:
Multi-State
County:
King
Control #:
US-02459BG
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Notice Of Default Under Security Agreement In Purchase Of Mobile Home?
A document procedure consistently accompanies any legal action you undertake.
Establishing a business, applying for or accepting a job offer, transferring ownership, and numerous other life circumstances require you to prepare formal paperwork that differs from state to state.
That’s why having everything gathered in one location is so advantageous.
US Legal Forms is the largest online repository of current federal and state-specific legal documents.
This is the simplest and most trustworthy way to acquire legal documents. All the samples in our library are expertly crafted and verified for compliance with local laws and regulations. Prepare your documents and manage your legal matters effectively with US Legal Forms!
- Here, you can effortlessly find and download a document for any personal or business purpose required in your county, including the King Notice of Default under Security Agreement in Purchase of Mobile Home.
- Finding samples on the platform is exceptionally simple.
- If you already have a subscription to our library, Log In to your account, locate the sample using the search bar, and click Download to save it on your device.
- After that, the King Notice of Default under Security Agreement in Purchase of Mobile Home will be available for further use in the My documents section of your profile.
- If you are using US Legal Forms for the first time, follow this quick guide to obtain the King Notice of Default under Security Agreement in Purchase of Mobile Home.
- Ensure you have accessed the correct page with your local form.
- Utilize the Preview mode (if available) and review the sample.
- Read the description (if applicable) to verify the template meets your requirements.
- Search for another document via the search tab if the sample doesn’t suit you.
- Click Buy Now when you find the needed template.
Form popularity
FAQ
In a Chattel Loan transaction, a disclosure is not required at the time of application and the disclosure at closing is less than a page.
Mortgage is different from a security agreement. A mortgage is used to secure the lender's rights by placing a lien against the title of the property. Once all loan repayments have been made, the lien is removed. However, the buyer doesn't own the property till all loan payments have been made.
The debtor must authenticate the security agreement by signing a statement that announces the intention to grant a security interest in the property specifically outlined in the security agreement.
It is recommended that the security agreement include a provision giving the creditor a right to enter on the debtor's premises and retake the collateral in the event of default. Second, the creditor can file a claim & delivery lawsuit and have a court order the property be turned over to the creditor.
In order to have a valid security interest the creditor must have a security agreement with the debtor that meets certain specific requirements, namely, it must be signed, it must clearly state that a security interest is intended, and it must contain a sufficient description of the collateral subject to the security
Article 9 contains a statute of frauds which requires a security agreement to be in writing unless it is pledged.
(The UCC uses the term "authenticate" to include the possibility of electronic signatures.) A security agreement normally will contain a clear statement that the debtor is granting the secured party a security interest in specified goods. The agreement also must provide a description of the collateral.
Upon termination of this Loan Agreement and repayment to the Lender of all Secured Obligations and the performance of all obligations under the Loan Documents the Lender shall release its security interest in any remaining Collateral. See All (40)
Security release means a release conditioned on a promise to appear in court at all ap- Sample 1. Security release means the release of the Liens under the Security Documents in accordance with Section 10.02(d).
Certain specific requirements are required for the security agreement to form the foundation for a valid security interest, namely 1) it must be signed, 2) it must clearly state that a security interest is intended, and 3) it must contain a sufficient description of the collateral subject to the security interest.
